THE LIQUIDITY CRISIS Mr. Joey Bermudez Chair, Maybridge Former President, Chinatrust Briefing on NGO...
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Transcript of THE LIQUIDITY CRISIS Mr. Joey Bermudez Chair, Maybridge Former President, Chinatrust Briefing on NGO...
THE LIQUIDITY CRISISTHE LIQUIDITY CRISIS
Mr. Joey Bermudez
Chair, Maybridge
Former President, Chinatrust
Briefing on NGO InvestmentsSeptember 30, 2008 | Ramon Magsaysay Center
Ramon MagsaysayAward Foundation
Sub-prime crisis, graduating into a full-blown housing crisis
Financial losses
Shattered confidence
Vanishing liquidity
Bursting asset bubbles
Systemic wealth destruction
Net outflow of FDI and hot money, lower Fil-Am demand for property, weaker global demand
External eventsDomestic events
Constricted liquidity, lower purchasing and investing power
Falling asset prices
Runaway commodity prices
Full economic crisis
Dow Jones Industrial Average
Sept2007
Jan2008
March2008
June2008
Sept2008
Philippine Stock Exchange Index
Sept2007
Jan2008
March2008
June2008
Sept2008
Sept2007
Jan2008
March2008
June2008
Sept2008
PRICES OF ROP 32
A Major Local BankPeso Funds
A Major Local BankForeign Currency Funds
% %INSTITUTION UITF NAME YOY YTD
Banco de OroBDO Peso Money Market Fund 4.3915 3.1626
BPI Short-Term Fund 3.3694 2.2620
East West Banking Corp.Infinity Money Market Bond Fund 3.8700 2.7900
Equitable-PCI EPCIB Peso Money Market Fund 4.5277 3.1812
Export and Industry Bank Expert Fund 6.1170 4.6760GE Money Bank, Inc. Classic Fund
ING Bank, N.V.ING Peso Cash Management Fund (UITF) 4.1500 2.6700
Metropolitan Bank and Trust Company Metrofund Starter 4.4971 2.6333RCBC Dragon Fund 4.3297 3.0737RCBC Savings Bank Molave Fund 4.0818 2.8077Security Bank Corporation SB Secure Peso Fund 4.1308 2.8846Security Bank Corporation SB Peso Ease Fund 3.9743 2.7831
United Coconut Planters BankUnited Cash Management Fund 4.0512 2.7713
Unionbank of the PhilippinesiFund Peso Money Market Porfolio 4.0117 2.7735
Peso Money Market Funds
% %
INSTITUTION UITF NAME YOY YTD
Asiatrust Bank Asia Trust Peso Income Fund 5.0287523 3.6177573
Asiatrust Bank Enterprise Fund 7.9598283 6.9340532
BPI Premium Bond Fund 5.3185600 3.0352300
Banco de Oro BDO Peso Bond Fund 4.7442168 2.0470098
Banco de Oro BDO Fixed Income Fund 4.0237962 0.8132147
East West Banking Corp. Peso Trust Maximizer UITF 3.6700000 2.5600000
ING Bank, N.V.ING Peso Short Term Fixed Income Fund (UITF)* 3.8400000 2.7300000
ING Bank, N.V. ING Peso Income Fund 2.8400000Metropolitan Bank and Trust Company Metrofund Elite 4.3863990 1.8366430Metropolitan Bank and Trust Company Metro Invest Plus 5.7841620 1.8483000Multinational Investment Bancorporation MIB Plus UITF 5.2056200 3.3487200Philippine Bank of Communications Signature Trust Fund 3.4827000 2.3891000
Philippine National Bank Peso Punla 3.1006910 1.9762500
Philippine National Bank Mabuhay Plus 3.1408910 2.2624630
Unionbank of the PhilippinesiFund Current Income Portfolio (T-Bill 91) 4.0563320 2.7323450
Unionbank of the Philippines Infinity Prime Fund 2.8706420 1.9368780
Peso Intermediate Term Funds (Fixed Income)
% %
INSTITUTION UITF NAME YOY YTD
AIG Philam Savings Bank Philam Earner Trust Fund
Allied Banking CorporationAllied Unit Performance GS Fund 2.5764388 1.6922684
Asia United Bank AUB Peso Investment Fund 3.3500000 1.8900000
BPI ABF PBIF 3.2989400 -0.7669500
China Banking Corporation Chinabank GS Fund 4.0810000 2.8660000
Equitable-PCI GS Fund 3.7148000 0.5360000
ING Bank, N.V. ING Peso Bond Fund (UITF)* 2.9400000 -0.9600000Metropolitan Bank and Trust Company Metrofund Peak Earner 4.4483380 0.7617810
Philippine Business Bank Diamond Fund - A UITF 3.7120000 2.6530000
Philippine National Bank Mabuhay Prime 2.7854510 2.0347160
Robinsons Savings BankRbank Blue Peso Fixed Income Fund 5.3100000 3.0400000
Unionbank of the PhilippinesiFund Philippine Peso Bond Portfolio 4.0714150 1.4920070
Peso Medium-Term Funds (Fixed Income)
% %INSTITUTION UITF NAME YOY YTD
Bank of Commerce Peso Trust Fund 7.3927 6.3397East West Banking Corp.
Infinity Peso Long-Term Bond Fund 3.8600 2.7400
Land Bank GS-FI Fund 0.9166 -1.4009RCBC Unicorn Fund 3.7608 2.0908
Unionbank of the Philippines
iFund Long Term Current Income Portfolio 3.0493 0.5574
United Coconut Planters Bank
United Conservative Fund 5.0460 2.3875
Peso Long-Term Funds (Fixed Income)
% %
INSTITUTION UITF NAME YOY YTD
AB Capital and Investment Corp. AB Capital Equity Fund -31.5649 -35.0799
Allied Banking CorporationAllied Unit Performance Equities Fund -12.7983 -13.6155
Asia United Bank-TIG AUB Equity Investment Fund -18.9200 -21.0600
Banco de Oro BDO Peso Equity Fund -22.9810 -26.3178
BPI Equity Fund -28.6479 -27.9060
Equitable-PCI UITF Equity Fund -22.7803 -25.7406
ING Bank, N.V. ING Philippine Equity Fund (UITF)* -31.4600 -33.4700
ING Bank, N.V.ING Philippine High Conviction Equity Fund (UITF)* -36.1200 -35.7200
Metropolitan Bank and Trust Company Metro Equity Fund -21.5936 -23.9327
Philippine National Bank PHISIX -18.4704 -21.5947
RCBC Tiger Equity Fund -19.8465 -18.7552
United Coconut Planters Bank United Equity Fund -13.0603 -14.6799
Union BankiFund - Large Capitalization Philippine Equity Portfolio -22.0135 -24.1045
Peso Equity Funds
% %
INSTITUTION UITF NAME YOY YTD
Banco de Oro BDO Peso Balance Fund -22.7166 -25.9769
BPI Balanced Fund -19.4016 -18.7579Development Bank of the Philippines
Gintong Sikap Secure Fund - (GSSF) 3.7290 2.6179
ING Bank, N.V. ING Diversified Capital Fund -11.7100 -14.7800
ING Bank, N.V. ING Diversified Balanced Fund -18.5500 -21.2600
Landbank of the Phils. Growth Fund -7.6051 -9.4746
Metropolitan Bank and Trust Company Metro Capital Growth Fund -14.7547 -17.2658
Philippine National Bank Mabuhay Prestige -0.3929 2.3328
Robinsons Savings Bank Rbank Balanced Fund
Security Bank Corporation SB Peso Asset Variety Fund -7.0858 -7.1648
United Coconut Planters Bank United Balanced Fund -4.7595 -6.4361
Peso Balanced Fund
% %
INSTITUTION UITF NAME YOY YTD
Banco de OroBDO Dollar Money Market Fund 3.6018 2.4285
Equitable-PCI EPCIB Dollar Money Market Fund 3.3754 2.2696
Metropolitan Bank and Trust Company
Metro Dollar Money Market Fund 5.4104 3.7329
RCBC Phoenix Dollar Fund 2.9772 1.9137Security Bank Corporation
SB Secure Dollar Fund 1.5079 0.1022
Dollar Money Market Funds
% %
INSTITUTION UITF NAME YOY YTD
Asiatrust Bank Dollar Income Fund 2.2752 1.7342
Banco de Oro BDO Dollar Bond Fund 2.9910 1.1470
BPI Global Phil Fund 4.2175 2.9314
BPI International Fund Plus 1.2084 1.6985
Chinabank Savings, Inc.Fixed Income US Dollar Fund 2.7175 1.9689
East West Banking Corp.Dollar Trust Maximizer UITF 0.3900 -0.0200
ING Bank, N.V.ING US Dollar Income Fund (UITF) 1.9900 0.5200
Metropolitan Bank and Trust Company Metrodollar Phil Liquid Fund 6.7215 4.1678
Philippine National Bank Dollar Punla 2.0904 1.4478
Dollar Intermediate Term Funds (Fixed Income)
% %
INSTITUTION UITF NAME YOY YTD
Asia United Bank AUB Gold Dollar Fund 4.7500 2.8700
China Banking Corporation Chinabank Dollar Fund 2.1960 1.2700
Equitable-PCI Dollar Fund 2.7137 0.7043
GE Money Bank Inc. Greenback FundMetropolitan Bank and Trust Company Metrodollar Phil Bond Fund 4.9822 2.5506Philippine Bank of Communications Winner Dollar Fund 2.8112 1.9980
Philippine National Bank Dollar Profit 4.1011 2.8107
Robinsons Savings BankRbank Green Dollar Fixed Income Fund 3.3200 1.8100
Unionbank of the PhilippinesiFund - Philippine Dollar Bond Portfolio 2.3623 0.2661
Dollar Medium-Term Funds (Fixed Income)
% %
INSTITUTION UITF NAME YOY YTD
Allied Banking CorporationAllied Unit Performance Dollar Fund
Bank of CommerceBancommerce Dollar Trust Fund 3.9313 0.1886
BPI Phil. Dollar Bond Index Fund 3.9136 0.5597
East West Banking Corp.Infinity Dollar Long-Term Bond Fund 0.3600 -0.1900
Export and Industry Bank Expert Green Fund 2.5955 1.4963
ING Bank, N.V.ING Philippine Dollar Bond Fund (UITF) 1.4200 -1.9700
Landbank of the Phils. Global Dollar Fund 3.6363 2.8711
RCBC Eagle Dollar Fund 1.4669 0.0548
United Coconut Planters Bank
United US$ Money Market Fund 4.6365 1.3720
Dollar Long-Term Funds (Fixed Income)
% %
INSTITUTION UITF NAME YOY YTD
BPI Global Equity Fund -23.44 -22.53
ING Bank, N.V.ING Asia Pacific High Dividend Equity Fund -22.25
Dollar Equity Funds
% %
INSTITUTION UITF NAME YOY YTD
Banco de OroInstitutional Fixed Income Fund 3.8113 0.6799
BPI Institutional Fund UITF 4.9785 2.1784
ING Bank, N.V.ING Tax-Exempt Peso Fixed Income Fund -0.0900 -3.5800
ING Bank, N.V.ING Tax-Exempt Dollar Fixed Income Fund 1.1700 -2.2300
ING Bank, N.V.
ING Tax-Exempt Philippine Equity Fund (UITF)* -30.5800 -32.9600
Unionbank of the PhilippinesiFund Institutional Tax Exempt Porfolio 0.1541
Tax-Exempt Funds
FIRM WRITE-DOWNS CAPITAL RAISED
Citigroup Inc. 55.1 49.1Merrill Lynch & Co. 51.8 29.9UBS AG 44.2 28.0HSBC Holdings Plc 27.4 3.9Wachovia Corporation 22.7 11.0Bank of America Corp. 21.2 20.7IKB Deutsche Industriebank AG 15.1 12.4Washington Mutual Inc. 14.8 12.1Morgan Stanley 14.4 5.6Royal Bank of Scotland Group Plc 14.3 23.4JPMorgan Chase & Co. 14.3 9.5Deutsche Bank AG 10.6 3.2Credit Suisse Group AG 10.4 2.7Wells Fargo & Company 10.0 4.0Barclays Plc 9.8 18.0Credit Agricole S.A. 9.0 8.7Lehman Brothers Holdings Inc.* 8.2 13.9
Fortis 7.3 7.1Canadian Imperial Bank of Commerce 7.1 2.8Bayerische Landesbank 7.1 0.0HBOS Plc 6.8 7.3ING Groep N.V. 6.8 4.7Societe Generale 6.7 9.6Mizuho Financial Group Inc. 5.9 0.0National City Corp. 5.4 8.9Natixis* 5.4 6.6Indymac Bancorp Inc 4.9 0.0Landesbank Baden-Wurttemberg 4.8 0.0Lloyds TSB Group Plc 4.8 4.8WestLB AG 4.7 7.4Dresdner Bank AG 4.0 0.0BNP Paribas 3.9 0.0Goldman Sachs Group Inc. 3.8 0.6E*TRADE Financial Corp. 3.6 2.4Rabobank 3.6 0.0Nomura Holdings Inc. 3.3 1.2Bear Stearns Companies Inc. 3.2 0.0
FIRM WRITE-DOWN CAPITAL RAISED
Debt
Capital
Liquidity
Spending and Investing Power
The Anatomy of Liquidity Leveraging De-leveraging
Panic! Panic!
More! More!Loss! Loss!